Market Focus

Netflix

Netflix announced a 7-for-1 stock split. The video-streaming company say the split will come in the form of a dividend of six additional shares for each outstanding share. The dividend is payable on July 14th to stock owners of record at the July 2nd close. Shares shot up initially in after-hours trading. Before the close the stock was up a fraction to $681.19.

Facebook & Walmart 

Facebook is now worth more than Walmart, one of the world’s largest retailers. The social media giant is valued at nearly $240 billion, pushing Walmart out of the top 10 largest companies by market cap in the S&P 500. The retailer has not finished a year outside of the top ten S&P 500 companies by market cap since 1997. Shares of Facebook popped almost four percent to $87.88. Walmart closed a fraction lower to $72.57.

Blackberry 

Blackberry’s results missed on both the top and bottom lines. Its technology and software licensing revenue however jumped from a year earlier and profit margins were also better than expects. CEO John Chen is optimistic about growth. Shares of the smartphone maker tumbled more than four percent to $8.81.

Darden Restaurants 

The opposite story for Darden. The parent of the Olive Garden and other restaurant chains beat analyst estimates and also says it’s planning on spinning off its real estate assets into a real estate investment trust or a REIT. It will then lease back most of the properties involved. Shares were up a penny to $69.39.

Monsanto & Syngenta

Syngenta has once again rejected Monsanto’s $45 billion takeover offer. The pesticide maker saying the bid undervalues its business and cited regulatory concerns among other things. Monsanto fell more than one percent to $112.78. Syngenta was off a fraction to $86.19.

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